Glass: Balochistan Glass Limited - Nine Months Ended March 31, 2005 (Un-audited)
BGL is a public limited company listed on stock exchange. It is principally engaged in the manufacturing and sale of glass containers. It was listed on the Karachi Stock Exchange (Guarantee) Ltd in 1982.
At present Balochistan Glass Limited share is trading at Rs 8.45 carrying 69% premium over the par value of Rs 5 per share. During the last one year the market value of its share remained much above the par value as it ranged between rupees 7.75 and Rs 12.95 per share.
The paid up capital of the company is Rs 330 million but accumulated loss of Rs 7.41 million has reduced the break-up value of the share at Rs 4.88 which is 2.4% discount.
However the company has met all its financial obligations in time. It has large subordinated loan which gives further coverage to other long term debts.
It is an ISO 9001-2000 certified company. Its self power generation project unit III was in final stages of completion in April 2005 and then it is expected to commence operation.
During the nine months period under review (9M 2004-05) the company generated net sales revenue at Rs 813.31 million (9M 2003-04: Rs 661.40 million) registering 23% rise as compared to the same period last year (SPLY).
But gross profit declined by 9.1%. However selling and administrative expenses were on the lower side which provided sufficient impetus in the increase of operating profit. Profit before taxation was almost double of the SPLY. But higher provision for taxation slashed the profitability. Even then net profit after taxation increased to Rs 15.66 million as compared to SPLY at Rs 13.01 million. Higher sales were attributed to the increase in volume of sales and selling price. However the increase in selling price was not fully utilised for increase in net profit because of higher soda ash prices both overseas and locally.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Share Capital-Paid-up
(5 rupee Share): 330.00 330.00
Accumulated (Loss): (7.41) (23.07)
Shareholders Equity: 322.59 306.93
Subordinated Loan: 380.85 373.20
Other L.T. Debts: 184.31 249.27
Deferred & Other Liabilities: 50.89 41.61
Current Liabilities: 936.69 928.39
Tangible Fixed Assets: 955.89 980.77
L.T. Deposits: 29.40 28.66
Current Assets: 890.04 889.97
Total Assets: 1,875.33 1,899.40
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Profit & Loss A/c for Nine Months Ended
March 31 2005 2004
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Sales-Net: 813.31 661.40
Gross Profit: 182.37 200.54
Operating Profit: 93.76 84.08
Other Income: 0.21 -
Financial (Charges): (66.63) (65.79)
Profit Before Taxation: 25.99 13.71
Profit After Taxation: 15.66 13.01
Earnings Per Share (Rs): 0.24 0.20
Share Price (Rs) on 28/07/05: 8.45 -
Price/Earning Ratio: 0.54 -
Book Value of Share (Rs): 4.88 4.65
Debt/Equity Ratio: 21:79 27:93
Current Ratio: 0.95 0.96
Gross Profit Margin (%): 22.42 30.32
Net Profit Margin (%): 1.92 1.97
R.O.A. (%): 0.84 0.68
R.O.E (%): 4.85 4.23
COMPANY INFORMATION: Chief Executive: Tariq Siddiq Paracha; Director: Shazi Tariq Paracha; Company Secretary: Not Reported; Registered Office: Not Reported; Web Address Not Reported; Factory: Not Reported.
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